Letter_1945_January-01_SERS - Laserfiche WebLink

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T2inimum Age for Voluntary Classification 'Number Service Retirement 1. City Firemen, as defined in Section Bc of the State Employees' Retirement Act. ~. rity ~'olicemen, as defined ~ in Ssction ~b of the State 'rnployees' Retirerron+ Act. 3. Erntaloyees other t' an City ~ ~ Firemen and City rolicemen As provided in the ~,~~ "etire>rnont Act 3. Should the parties of the second part encounter i.-i the valuation any unusual situation or should said pa roes of the second part be requested by the party of the first part to make further valuations of different combinations of, benefits and contributions, which miht require an additional expAnditure of .time, said situation and request shall be brought to the attention of the Board of Administration, State Employees' Retirement System, for fart}per consideration. It is understood that the time expanded in connection with said unusual situation and flzrth~~r valuation, is n~,t included within the fet3 stated herein. ~+. The party of the first part agrees 'to furnish to the p~:rties of the second part, thro~zgl~ said. Board of Administration, the data relative to its em- ployees, past and present, necessaryr for th,e deter~aination of said approximate contribution. Both parties understand that said Hoard of Administration will make available to the parties of the second part various tables and schedules of rates based on the experience under said Retiz•erront S,ysi;em among m©mbers thereof, as determined. in previous investiations and valuations. '3oth parties likewise understand that in accordance with said Retirement Act, the vrork to be performed by the parties of the second ;part shall be performed under the di.reetion of the actuary of the Retirement System, and that all data in connection with said work, including vrork sheets, final rosults, and reports from said oarties of the sec- ond part,. shall be the property* of t"e hoard of Admir~istrr?-ti.ol and shall be d.eli.vvred to said Board at t}:e conclusion of said wor1~. 5. For the full performance and completion of said services, the parties of the second hart shall receive from the r~art~;r of t!~_e first part, the sum of •~ s~zbject to adjustment on account of variation in the number of em- p~oye~,. ye members-ips are contemplated, and far ~~rhor.i data e.re submitted as prove paragraph 1~., hereof, from the num'~~er of such employees stated in para- graph 2, anal sub ject to nny ad justmew~t r;~ade on account of an~r unusual situation, or on account of :f~;rt~:er valuations of d~.fiorent combinations of benefits and contributions requPSted by the party of she first part, as hereinbefore provided. Tee party of t}ie first part agrees that the sum fixed in this paragraph as com- pensation for the services to be performed 1-,y the part5.es of the second cart, shall cover only the calculations and conferences between the officers and employ- ees of the ;~3oard of Administration and th.e parties of the second part, necessary in the determination. of said approxir~rate as distin;uished .from? the definitive contribution, excluding confer~+nces between. said party of t;he first part and parties of the second part. It is understood a.:d atreed that the party of the F113-?_ I-l.~o ?ao